Overview
ICG Enterprise (formerly Graphite Enterprise) is an investment trust listed on the London Stock Exchange with a diversified portfolio of private equity assets. Its objective is to provide shareholders with long term capital growth through investment in unquoted companies, mainly through specialist funds but also directly.
ICG Enterprise has been investing in private equity for over 30 years. It applies the skills and disciplines of direct investment in unquoted companies to the selection and management of its portfolio of funds.
The fund’s website can be found here
You can view our interviews with the company’s Fund Managers below:
10 February 2023: Colm Walsh – Weekly Show
Fundamentals
Price
Research History
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10 Feb 2023 1 min read
Interview with Colm Walsh from ICG Enterprise Trust
In this week’s show, James Carthew spoke to Colm Walsh from ICG Enterprise Trust. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us on [email protected]. Additionally, if you would […]
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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19 May 2021 1 min read
QuotedData’s Spring Webinar Series – Private Equity playback
On 19th May 2021, QuotedData hosted the second of three Spring webinars. This webinar was focused on Private Equity and included presentations and Q&As from 4 investment companies’ managers, covering different aspects of this area. We would like to thank all of our speakers and attendees for joining us. Click on the links below to watch […]
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25 Sep 2020 1 min read
Interview with Oliver Gardey of ICG Enterprise Trust
In this week’s show, James Carthew talked to Oliver Gardey from ICG Enterprise Trust. Watch it again here If you were looking for James Carthew’s roundup of the week’s news, this is now in the news section – just click here If there is a guest speaker you’d particularly like to hear from, please email us – [email protected]. […]
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07 Jul 2020 7 min read
QuotedData’s Investment Companies Roundup – July 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over June: CQS New City High Yield – […]
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07 May 2020 4 min read
QuotedData’s Economic Roundup – May 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Apr 2020 5 min read
QuotedData’s Economic Roundup – April 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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10 Nov 2017 1 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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03 Aug 2017 1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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15 Mar 2017 1 min read
QuotedData investment companies roundup – March 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
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14 Feb 2017 1 min read
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
News
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08 May 2025 1 min read
Small improvement in ICG Enterprise’s discount but there is a long way to go
ICG Enterprise has published results for the 12 months ended 31 January 2025. The NAV return for the year was 10.5% – the underlying portfolio return was 10.6%, helped by earnings growth for the companies held of about 15% on average. In addition, there were 40 exits achieved, which came at an average 19% uplift […]
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16 Apr 2025 1 min read
ICG Enterprise – Minimax sale brings in €53m
ICG Enterprise Trust (ICGT) has announced the realisation of its investment in Minimax, a global fire protection systems provider, generating cash proceeds of €53m (£45m). The sale was completed in line with the last reported NAV, and proceeds have now been received. ICGT first backed Minimax in 2018 via primary commitments to ICG Europe VI […]
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02 Apr 2025 1 min read
ICG Enterprise Trust banks £62m from secondary sale
ICG Enterprise Trust (ICGT) has completed a secondary sale of eight mature primary fund investments, raising net proceeds of £62m. The transaction, which ICGT says attracted strong buyer interest, was completed at a 5.5% discount to the 30 September 2024 valuation and delivered a 1.6x multiple on invested capital (equivalent to a 15% IRR). The […]
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08 Oct 2024 2 min read
QuotedData’s morning briefing 8 October 2024 – BOOK, UIL, ICGT, HWG
In QuotedData’s morning briefing 8 October 2024: Literacy Capital (BOOK) has announced a variation to the terms of its investment management agreement increasing the fee payable to the investment manager to 1.5% of the adjusted audited net asset value as at the end of that year effective from 1 January 2025. The current entitlement is […]
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04 Jul 2023 1 min read
QuotedData’s morning briefing 4 July 2023
Princess Private Equity (PEY) announced an update for the month of May with NAV improving by 2%. The positive performance was mainly driven by positive foreign exchange movements as the Euro depreciated in May against the US dollar. A number of portfolio companies also materially contributed, with KinderCare being the most notable. KinderCare is the […]
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01 Jun 2023 1 min read
QuotedData’s morning briefing 1 June 2023
In QuotedData’s morning briefing 1 June 2023: ICG Enterprise (ICGT) has agreed a new €240m multicurrency revolving credit facility with SMC International and Lloyds Bank that matures on 30 May 2027 and costs 120 basis points (bps, equal to 1.2%) upfront, 115bps on undrawn amounts and 300bps over euro or sterling interest rate benchmarks (EURIBOR […]
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02 Mar 2023 1 min read
ICG Enterprise backs European Camping deal
ICG Enterprise Trust is investing alongside funds advised by PAI Partners to support European Camping Group’s acquisition of Vacanceselect in a transaction that is expected to create the 3rd largest operator of mobile holiday homes in Europe. The investment is being led by PAI Europe VII and PAI Europe VIII and the trust will invest […]
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25 Nov 2022 1 min read
ICG Enterprise makes two new direct investments
ICG Enterprise Trust (ICGT) is pleased to announce that it has recently made two new direct co-investments: US$9.0m (£7.9m) in Gateway Services and a US$5.0m (£4.2m) follow-on co-investment in Vistage Worldwide. Gateway Services – a direct co-investment alongside ICG Gateway Services Inc (www.gatewayservicesinc.com) operates a network of pet crematoria and pet cemeteries across over 150 […]
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24 Nov 2022 3 min read
QuotedData’s morning briefing 24 November 2022
In QuotedData’s morning briefing 24 November 2022: Foresight Solar Fund (FSFL) says that the net impact of the new electricity generator levy on its NAV is to reduce it by 0.8p. As other funds did, it applied discounts to the blended power forecasts as at 30 September 2022. To reflect the uncertainty surrounding the likely […]
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07 Nov 2022 2 min read
QuotedData’s Morning briefing 7 November 2022
In QuotedData’s Morning briefing 7 November 2022: ICG Enterprise Trust (ICGT) has announced a $15m commitment to Clayton, Dubilier and Rice Fund XII . This is ICGT’s second commitment to funds managed by CD&R, following a $10m commitment to CD&R XI in 2020. CD&R is a global investment firm, headquartered in New York, that executes a […]
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04 Oct 2022 2 min read
QuotedData’s morning briefing 4 October 2022
In QuotedData’s morning briefing 4 October 2022: Mobius Investment Trust (MMIT) is offering investors a voluntary redemption opportunity as at 30 November 2022. However, performance has been good and the shares are trading close to NAV so we doubt that there will be much take up of the offer. Redemption requests have to be submitted […]
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02 Sep 2022 1 min read
QuotedData’s morning briefing 2 September 2022
In QuotedData’s morning briefing 2 September 2022: ICG Enterprise Trust (ICGT) has announced that it has made a US$20m commitment to Green Equity Investors IX, managed by Leonard Green & Partners (LGP). This is the first commitment by ICGT to a fund managed by LGP. Founded in 1989, LGP is a private equity investment manager […]
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30 Jun 2022 1 min read
Three new investments for ICG Enterprise
ICG Enterprise Trust has made two new direct co-investments and invested in a secondary portfolio on behalf of its shareholders. Precisely On 15 June 2022, the trust invested in Precisely alongside Clearlake Capital and Insight Partners, both leading US private equity managers. Precisely operates in the software sector and is a market leader in data […]
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12 May 2022 2 min read
Good year for ICG Enterprise helped by bumper period for third party fund investments
ICG Enterprise Trust has published results for the 12 months ended 31 January 2022. Over the period, the company generated an NAV total return of 24.4% and a return to shareholders of 27.1%. Dividends total 27p, up 12.5% on the previous year. The report is jargon-heavy. ICG Enterprise’s new investment activity was skewed towards what […]
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13 Apr 2022 2 min read
QuotedData’s morning briefing 13 April 2022
In QuotedData’s morning briefing 13 April 2022: ICG Enterprise Trust notes that New Mountain Capital is merging Information Resources Inc., which the trust holds and invested $15m into in 2018, with The NPD Group, a global provider of market information and advisory services, with a client base of over 2,000 companies, in Hellman & Friedman’s […]
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01 Mar 2022 1 min read
QuotedData’s morning briefing 1 March 2022
In QuotedData’s morning briefing 1 March 2022: ICG Enterprise Trust is investing about £13m in Newton Industrial Consultants. The investment is being led by ICG Europe Mid-Market Fund I. ICGT will invest as a limited partner in the fund and also through a direct investment. Newton is a market-leading and fast-growing consulting firm, with a […]
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27 Jan 2022 3 min read
QuotedData’s morning briefing 27 January 2022
In QuotedData’s morning briefing 27 January 2022: ICG Enterprise Trust (ICGT) is investing in Brooks Automation alongside funds advised by Thomas H. Lee Partners. The trust has an investment in THL Fund IX and will have exposure to the deal that way, but it will also make a direct investment in Brook Automation. Altogether – […]
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02 Dec 2021 3 min read
QuotedData’s morning briefing 2 December 2021
In QuotedData’s morning briefing 2 December 2021: ICG Enterprise Trust (ICGT) is investing in European Camping Group alongside funds advised by PAI Partners. The investment is being led by PAI Europe VII. ICGT will invest as a limited partner in that fund and also through a direct co-investment. Altogether, ICGT’s investment will be about €11.2m. European Camping […]
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28 Apr 2021 3 min read
ICG Enterprise delivers 22.5% total NAV return
The private equity sector company, ICG Enterprise (ICGT), reported annual results to 31 January 2020, delivering a NAV total return of 22.5% over the year. This was well ahead of the FTSE all-share, which returned -7.5% over the period. In the following sections, we provide a review of the year from ICGT’s manager. High conviction Investments […]
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09 Feb 2021 1 min read
QuotedData’s morning briefing 9 February 2021
In QuotedData’s morning briefing 9 February 2021 Nippon Active Capital looks to have scored a win as Mr. Shintaro Matsuki, President of Sakai Ovex Co., Ltd, using a special purpose company, Sakai Textile Co., Ltd., has launched a tender offer at ¥ 2,850 per common share for all of the outstanding equity capital of Sakai Ovex. […]
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26 Nov 2020 2 min read
QuotedData’s morning briefing 26 November 2020
In QuotedData’s morning briefing 26 November 2020: JLEN Environmental Assets Group’s half year results show a small drop in NAV from 97.5p to 96.1p, driven by falling power and gas price estimates. Dividends are on target, however and these are covered by cash generated from operations. Montanaro UK Smaller’s interim results show it lagging its Numis […]
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10 Nov 2020 1 min read
QuotedData’s morning briefing 10 November 2020
In QuotedData’s morning briefing 10 November 2020 – ICG Enterprise (ICGT) announced the appointment of David Warnock as a non-executive director with effect from 1 December 2020. David co-founded the investment firm of Aberforth Partners and was a partner for 19 years until his retirement from that firm in 2008. The announcement also notes that […]
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07 Oct 2020 2 min read
ICG Enterprise displays resilience over second quarter
The private equity sector company, ICG Enterprise (ICGT), reported interim results to 31 July 2020, delivering a NAV total return of (1.0%). This was ahead of the FTSE all-share, which returned (17.8%) over the period. ICGT had a good second quarter, with the 3.2% total return coming in well ahead of the (4.1%) over the first […]
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22 Jun 2020 1 min read
QuotedData’s morning briefing 22 June 2020
ICG Enterprise (ICGT) announced that PAI Partners had reached an agreement to sell Roompot, an operator and developer of holiday parks in Northern Europe, to KKR, for an undisclosed sum. PAI Partners is one one of Europe’s leading private equity managers. Roompot, is the ICGT’s 6th largest investment, representing 2.1% of the portfolio at 30 April 2020. […]
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17 Jun 2020 2 min read
QuotedData’s morning briefing 17 June 2020
The anti-inflammatory drug, Dexamethasone, has been shown to help the most seriously ill covid-19 patients. Private equity sector company, ICG Enterprise (ICGT), delivered an NAV total return of (4.1%) and a portfolio return of (3.8%), over the quarter to end-April. It expects the impact from covid-19 to continue weighing on valuations over the coming months. The portfolio’s […]
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28 Apr 2020 3 min read
ICG Enterprise dipping into its debt facility
ICG Enterprise dipping into its debt facility – this article has been updated following a conversation with the managers ICG Enterprise delivered an 11.2% return on NAV for the year ended 31 January 2020 (a bit ahead of the return on the All Share) a narrowing discount gave shareholders a return of 20.5%. The dividend […]
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26 Mar 2020 1 min read
covid-19 update from ICG Enterprise
covid-19 update from ICG Enterprise – “Given the rapid escalation of the crisis, we currently have limited visibility on the short and longer-term impact of COVID-19 on the global economy. It is therefore difficult to accurately gauge the impact on the portfolio at this stage. Performance will vary between geographies, sectors and companies and be […]
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23 Jan 2020 1 min read
QuotedData’s other news 23 January 2020
In QuotedData’s other news 23 January 2020 – The private equity company, ICG Enterprise (ICGT), announced that non-executive director Jane Tufnell has been appointed chair-designate of the company. She will succeed Jeremy Tigue, who, as previously announced, will step down from the Board at the 2020 AGM. Jane joined the ICG Enterprise Board in April […]
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23 Jul 2019 1 min read
Oliver Gardey takes on ICG Enterprise
Oliver Gardey takes on ICG Enterprise – ICG Enterprise Trust says that its manager, ICG, has appointed Oliver Gardey to lead the investment team. Oliver will join in autumn 2019 and succeed Emma Osborne who, as previously announced, will move to a senior adviser role within ICG at the end of this year. In her new role, […]
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15 Apr 2019 2 min read
ICG Enterprise conviction pays off
ICG Enterprise conviction pays off – ICG Enterprise has published results for the year ended 31 January 2019. Highlights include: NAV per share of 1,057p – total return of 12.4% in the year, annual dividend of 22p Growth driven by strong profit growth and realisation uplifts 10th consecutive year of double digit underlying portfolio growth […]
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19 Jan 2018 1 min read
Investment Trust Insider trusts that didn’t escape me last year
Investment Trust Insider – trusts that didn’t escape me last year. As 2018 gets underway, I thought that it might be worth revisiting some of the funds that I wrote about in 2017. At the start of the year I hailed the changes that Standard Life Private Equity (SLPE) was implementing to broaden its investment proposition and noted the increasing […]
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28 Jan 2016 2 min read
F&C Managed Portfolio beats UK market
F&C Managed Portfolio Trust has published interim results for the six months ended 30 November 2015, announcing a net asset value total return of -5.1% for the Income shares and -2.4% for the Growth shares compared to the FTSE All-Share Index return of -6.4%. The key drivers of the performance of the Growth Portfolio were […]
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23 Dec 2015 1 min read
Graphite Enterprise management moving to Intermediate Capital Group
Graphite Enterprise Trust has announced that Intermediate Capital Group plc (ICG) has been appointed as the trust’s investment manager. This follows ICG’s acquisition of the private equity fund investment business of Graphite Capital Management LLP. The change of manager is expected to take effect on 1 February 2016 and Graphite Enterprise will be renamed ICG […]
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28 Apr 2015 1 min read
Graphite Enterprise sells National Fostering Agency
Graphite Enterprise has sold its fifth largest investment, the National Fostering Agency, for £11.9m. They say this adds 0.5% or 3.6p to the net asset value. This was an investment managed by Graphite Capital that they bought in 2012. GPE : Graphite Enterprise sells National Fostering Agency
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27 Mar 2014 1 min read
Graphite Enterprise : GPE – final results
Graphite Enterprise has released its results for the year ended 31 January 2014. Over the year its net asset value rose by 7.2% as they harvested £118m from the portfolio, helped by a £14m contribution from the sale of Alexander Mann (the recruitment company) – this deal added £6m to the net asset value. They reinvested £90m […]
Upcoming Events
Videos
In The Press
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30 Sep 2024 1 min read
Investment trust insider on my portfolio
Investment trust insider on my portfolio – James Carthew: New trusts for my portfolio Our columnist considers where to reinvest his cash from the Hipgnosis Songs takeover, and the forthcoming sale of assets in Abrdn Property Income. Flush with cash from the Hipgnosis (SONG) takeover and, soon perhaps Abrdn Property Income (API), which just announced […]
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23 Apr 2024 1 min read
A glaring opportunity to snap up these cheap investment trusts
by Cherry Reynard from interactive investor, 23rd April 2024: Private equity investment trusts look like a glaring opportunity. They are trading at or near all-time record discounts after a long period where the sector has been out of favour. Holdings in the trusts have generally continued to perform well, with valuations stable. Yet these trusts […]
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09 Aug 2023 2 min read
Private equity trusts hold up well despite heavy discounts
By Val Cipriani, Investors Chronicle, August 8, 2023: Private equity trust valuations have broadly held up so far this year despite higher interest rates leading to pessimism and huge discounts across the sector. Private equity net asset values (NAVs) are published with a few months of delay, so most of the data currently available refers […]
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22 Feb 2022 1 min read
What next for the private equity trusts?
Private equity trusts have posted stellar returns in 2020 and 2021, but a new environment poses new challenges By Dave Baxter, Investors Chronicle, February 21, 2022: The persistent share price discounts on which most private equity investment trusts still trade have tended to disguise a sector in rude health. That was particularly the case in […]
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25 Aug 2021 1 min read
Which is the best route to profit from fast-growing unlisted firms?
Which is the best route to profit from fast-growing unlisted firms? 24th August 2021 10:35 by Jennifer Hill from interactive investor Jennifer Hill pits private equity trusts against growth capital trusts. Listing on the stock market used to be seen as a mark of success for companies, but with many choosing to stay private for longer, opportunities […]
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25 May 2021 1 min read
Investment trust insider on private equity again
Investment trust insider on private equity again – James Carthew: Private equity trusts remain grossly mispriced Just over a year ago, I wrote an article to highlight the unjustified discounts that trusts in the private equity sector were trading on. My pick of the bunch was Standard Life Private Equity (SLPE), which at that time was […]
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06 May 2020 1 min read
Investment trust insider on private equity
Investment trust insider on private equity – James Carthew: ‘stale’ private equity trusts are just too cheap I spoke to the managers of ICG Enterprise (ICGT) last week after the publication of annual results showing the private equity trust made an 11.2% return on net assets in the year to 31 January, beating the FTSE All […]
